Citigroup analysts raised price target and estimates on Weyerhaeuser Company (WY) on Wednesday as previous numbers set too low of a bar for the forestry company.
The analysts backed its “Buy” rating on WY and now see shares reaching $36, suggesting a +21.3% upside to Tuesday’s closing price of $29.68. The firm also noted that previous estimates were too bearish on pulp production and not bullish enough on lumber production.
Weyerhaeuser shares were up 22 cents, or +0.75%, during premarket trading on Wednesday. The stock is up +56.05% over the past year.
The Bottom Line
Shares of Weyerhaeuser (WY) have a 2.29% dividend yield, based on last night’s closing stock price of $29.68. The stock has technical support in the $25-$26 price area. If the shares can firm up, we see overhead resistance around the $34 price levels.
Weyerhaeuser Company (WY) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.